LinkAja Announces 1.4 Trillion Rupiah Series B Funding Led by Grab

Participated also in this round previous investors, Telkomsel, BRI Ventures, and Mandiri Capital

Marsya Nabila - 11 November 2020

E-money platform LinkAja announced the Series B funding worth around $100 million (1.4 trillion Rupiah) led by Grab. Also participated in this round the previous investors, Telkomsel, BRI Ventures, and Mandiri Capital. There is no mention of LinkAja's current valuation. This funding is the first funding for LinkAja from a company outside the BUMN.

This funding will be fully utilized to accelerate LinkAja's growth to become a national financial technology leader that focuses on middle-class consumers and SMEs in Indonesia.

Grab's strategic investment includes a wide range of synergies and potential collaborations for both parties. This synergy and collaboration in terms of ecosystem access and technology will accelerate financial inclusion for the Indonesian people.

In an official statement, LinkAja President Director Haryati Lawidjaja said that his team is very enthusiastic on Grab's involvement as a shareholder in the company. He believes this strategic partnership supported by investment and the power of Grab's technology will strengthen LinkAja's services in presenting effective solutions to provide financial and economic access for the Indonesian people.

"We are very grateful for the trust and support of all shareholders and the Ministry of BUMN. The Series B investment from Grab, Telkomsel, BRI Ventures, and Mandiri Capital is a form of trust in the business model and initial achievements that LinkAja has achieved in one fell swoop since its establishment," he said, Tuesday (10/11).

Grab Indonesia's Managing Director, Neneng Goenadi also said that the company decided to invest in LinkAja because the two companies could accelerate the goal of accelerating financial inclusion in Indonesia.

"The strategic collaboration between LinkAja and our digital ecosystem, including OVO and Tokopedia, allows us to provide a variety of cashless services for all levels of Indonesian society safely, comfortably and easily accessible," said Neneng.

Previously, in November last year LinkAja was available as a payment option in the Grab application and also its competitor Gojek.

LinkAja achivements in 2020

Haryati continued that the success of raising investment in the midst of this pandemic has proven the investor's trust in the LinkAja business with many of leading supports.

In terms of shareholders from state-owned boards; a unique business model resulting from strategic partnerships with state-owned enterprises, local, central and private governments, which come from multi-industry; hyperlocal knowledge base and distribution network with extensive coverage in second and third tier cities, plus more than 1 million cash in/cash out receiving points.

"An innovative product with a strong brand that is rapidly developing into an iconic local fintech platform, and a provider of daily necessities with payment methods that can be accepted across thousands of merchants, with a variety of e-commerce, and various means of transportation."

LinkAja is claimed to be able to increase the gross transaction value (GTV) and the number of transactions in the third quarter of this year by 3 times compared to the same period in the previous year.

It is said that LinkAja now has 58 million registered users, with more than 80% of them coming from second and third tier cities. Last April, the company launched its sharia services and has received a Sharia Conformity certification license from DSN MUI and Bank Indonesia. This Sharia service is claimed to have more than one million users, within its six months operation.

Original article is in Indonesian, translated by Kristin Siagian

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